The sports arm of the Russian news agency Ria Novosti reports that Marussia Motors, headed by Nikolai Fomenko, is no longer making cars and has given up ownership of the UK-based formula one team that bears its name.

R-Sport said Marussia staff have "left the company en masse and joined a government-run technical institute".

"The supercar project was ambitious, but it is disappointing that it was unable to get to market," team spokeswoman Tracy Novak confirmed.

"There is no impact whatsoever on the formula one team's operation," she insisted.

Novak explained that the team is now owned by another company with a Marussia-themed name, Marussia Communications Limited.

There is a company called Marussia Communications Ireland Limited, which is registered to a house on a street in Dublin.

"There is no link between the two companies financially or technically," Novak said. "The F1 team has been an independent operation for some time."

It was reported recently that Marussia Motors president Fomenko was in F1 takeover talks with Zoran Stefanovich, but Novak played down fears the future of the backmarker team is in doubt.

"The F1 team has had a positive start to the 2014 season and looks forward to continued success in the pursuit of its racing ambitions," she said.

All logos and trademarks in this site are property of their respective owner. The comments are property of their posters, all the rest (c) 2003-2014 by PaddockTalk.com.Contact E-mail: admin@paddocktalk.comPrivacy